South Korea pledges comprehensive government actions to reduce the impact of data breaches following significant cyber attacks
South Korea's government is taking decisive action to enhance cybersecurity and protect citizens' personal data following a series of data breaches at major companies.
In a joint press conference, Second Vice Minister of Science Ryu Je-myung and FSC Vice Chairman Kwon Dae-young announced the government's plans to establish fundamental measures to prevent data breaches. This includes inducing businesses to expand investment in cybersecurity and paving the way for the country to launch investigations even without disclosure from companies.
The announcements come one day after President Lee Jae Myung instructed his aides to come up with fundamental measures to minimize damage from hacking attacks.
Last month, Lotte Card Co. reported a data leak of personal data for 3 million customers in a hacking incident. Kwon Dae-young, the FSC Vice Chairman, stated that the government will closely monitor and supervise Lotte Card to ensure prompt protection measures for customers. If the FSC's investigation finds any violation by Lotte Card, the government intends to take strong punitive measures as an example.
Similarly, KT Corp. has reported that the number of victims of a mobile payment breach since early August has increased to 362, with total damage estimated at 240 million won ($173,000). The government's efforts to enhance punishments for companies that fail to properly manage personal data continue to be a focus.
FSC Vice Chairman Kwon Dae-young also stated that the government will impose fines on companies experiencing security breaches that reflect the "consequences to society."
In a separate incident, a hacking group allegedly attempted to sell client data from SK Telecom Co. through Telegram earlier this week. SK Telecom Co. reported a potential data leak of its entire user base in a cyberattack on its network servers in April.
To address these issues, the government will revamp policies to strengthen punishments for companies that intentionally delay notifying authorities of data breaches. The science ministry, together with leading security experts, will conduct a full-fledged review of the existing security system.
Moreover, the government intends to simultaneously roll out incentive measures to encourage businesses to voluntarily expand investment in security. Kwon Dae-young emphasized the need for collaboration between the government, financial companies, and related organizations to establish a solid security system.
South Korea will also revamp policies to enhance punishments for companies that fail to properly manage personal data. The move is part of the government's commitment to protecting its citizens' personal information and ensuring the security of digital transactions.
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